P&G hikes dividend by 9.5 percent

The Cincinnati-based company whose brands include Tide detergent, Pampers diapers and Pantene shampoo, said Tuesday its board of directors increased the quarterly dividend to 48 cents per share, the second straight quarterly 4-cent increase.

The dividend is payable on or after Aug. 16 to shareholders of record at the close of business on July 23.

P&G reported rebounding sales in its third quarter, when they rose 7 percent as households responded to new products, price cuts and stepped-up marketing.

P&G says this is the 54th consecutive year it has increased dividends.